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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maypole Group | LSE:MPG | London | Ordinary Share | GB0034318898 | ORD 0.3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 5713K Maypole Group plc 22 December 2008 Maypole Group plc 22 December 2008 Maypole Group plc ("Maypole" or the "Company") Disposal of The Wroxton House Hotel Maypole today announces that it has entered into a sale and purchase agreement ("SPA"), through its wholly owned subsidiary Maypole Banbury Limited, for the disposal of The Wroxton House Hotel including its freehold. Under the terms of the SPA with ESA Leisure Ltd, a privately owned company, Maypole has disposed of the business and certain assets, excluding debtors and cash, of The Wroxton House Hotel for a cash consideration amounting to £2.135 million. In addition, stock in trade has been sold at the lower of cost and net realisable value. The SPA, which contains various warranties from the Company, includes a limited duration localised non-competitive covenant. The net sale proceeds have been used to reduce the company's existing borrowings. The 32-bed Wroxton House Hotel, located near Banbury in Oxfordshire, made operating profits of circa £250,000 on turnover of circa £950,000 in the year ended 31 December 2007. The carrying value of the assets being sold amounts to approximately £2.39 million. Simon Bentley, Chairman commented: "In line with our comments made at the time of our interim results announcement, the disposal of freehold sales will be considered by the Board in order to pay down Group debt. We believe the time is now right to dispose of The Wroxton House Hotel and to channel the Group's efforts into our existing operations." -ends- Contacts Maypole Group plc 020 7726 7010 Simon Bentley - Chairman Blomfield Corporate Finance Ltd 020 7489 4500 Alan MacKenzie / Peter Trevelyan-Clark / Ben Jeynes Alexander David Securities Ltd 020 7448 9820 David Scott / Bill Sharp Weber Shandwick Financial 020 7067 0700 Nick Dibden / James White This information is provided by RNS The company news service from the London Stock Exchange END DISDLLBLVLBZFBX
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